A special needs trust is a popular strategy for those who want to help someone in need without risking that the person will lose their eligibility for programs that require their income or assets to remain below a certain limit.
Estate planning should always be customized to each individual creating a plan. This is particularly important when planning for beneficiaries with disabilities.
This is big concern for millions of older Americans who don’t have a spouse, children or other family they can depend on to watch out for their well-being.
If you have a parent over the age of, say, 65, thoughts about their future may have started to creep into your mind. But because end-of-life planning can be emotional and overwhelming, it’s tempting to put these conversations off — and even more pleasing to avoid them altogether. If there’s a lesson to be learned from the pandemic, however, it’s that waiting until the last minute to prepare is seldom a good idea.
When it comes to estate planning, many Americans are unprepared for what comes after death. Two out of three adults do not have a will or other estate planning documents, according to the caregiving website Caring.com.
It takes a special parent to care for a child with special needs. These parents’ greatest financial concern is typically ensuring that their children are cared for when they can no longer do so.
As you’re making your estate plan, you’ll want to carefully consider everything. This means it may take a while to complete your plan. Here are five things to watch out for along the way.
The death of a spouse is one of the most difficult things imaginable. Besides the emotional toll, surviving spouses typically confront financial issues, which often trigger tax-related questions and consequences.
The main financial vehicles of supporting disabled individuals—the special needs trust and the Achieving a Better Life Experience (ABLE) account—both come with special tax conditions that advisors need to consider.
We have seen some step siblings able to all get along fine but they seem to be the exception. More likely, one sibling feels divided loyalty to the birth parent, not the step-parent.
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